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Monthly Archives: February 2017

Although buying property online is still at its nascent stage, there are several online portals for real estate that can bring out the best results as per your choice and preference. Even though it is quite convenient to buy property online, however, you must consider some helpful tips to amplify your search. Here are some:

Do Extensive Research: Buying property can be considered to be one of the most important purchases of your life. Therefore, it is critical to pick the right property that must be done after thorough research and comparative study. You must browse through various real estate sites to broaden your insight into the real estate business. It might seem to be a time-consuming task, it would be all worth the wait. You can also be quite worthwhile for viewing several consumer-centric programs. A proper research and analysis is essential regardless a number of advice or studies that one might one receive.

Make Use of Technical Help and Features: Nowadays, the online real estate portals offer several exciting features on the technical front. These are offered to the users to maximize their ease of searching and selecting the dream home or property on the online medium. Several sites also offer the 3D view of the particular sites or the layout of the flats or apartments. In addition to this, you can also make use of the specialized technical features to ensure the location and the surroundings if they are fitting to your needs and requirements.

Go for the Reputed Sites: It is always recommended to go for the reputed and reliable online real estate portals that offer a sound background and a good standing in the real estate market. If you are on the run for selecting an online real estate broker, then you must select the most reputed and experienced one to accelerate your search for the rightmost property or plot of land. You must check the parameters like whether the particular builder has the rights and licenses and if the particular property that you are buying is not under any dispute.

Double Check Afterwards: There are several cases of scams and fraudulent cases of online real estate business that tend to forge money out of the buyers into buying fake property or plots of land. Therefore, to prevent yourself from this, you must cross check the selection you have made online. This cross checking can be done in the offline mode. You can achieve this by contacting on the prescribed official number or by visiting physically to the registered office if it is possible for you. This would clear all your doubts and would ensure that you have made the rightmost choice.

Ensure the Deals are Valid: On the online platform, there are several real estate agents that might be trying to boost the sales of the unsold property or plots of land by giving away seasonal offers and heavy discounts. When you are booking your dream house or property through the means of a lucrative deal, you must ensure that the deal is valid and there is no hidden catch in the same. To ensure the same, you can call up on the given official number and verify the deal.

There’s absolutely nothing even worse than going to a town, falling in love, buying a home there and 3 months later on choosing you cannot stand living there. Make sure that you know for a fact what you’re entering into when you buy a home; this includes area stats, what the surrounding areas resemble and anything else that may affect your daily life. If you are relocating to another state, make sure that you understand its financial environment, as lots of people are surprised to find out after they transfer to specific areas that there are no jobs to be had.

Do not Beat the gun

Do not buy the first home you see. Possibilities are, you’ll be taking a look at a lot of dumps, in addition to a lot of truly good locations. Making the decision can be hard, specifically when you know that there may be a preferable home simply around the corner from the one you intend on opting for. Make certain to tour enough houses so that you feel you know what you like/dislike in a home; otherwise, you might always regret your decision.

Location is a necessary element of buying a home. Consider the area that surrounds your house, and whether it is an excellent area and if it will remain there. Believe about the other areas near the area you plan to buy a home in and see if they are much better or more up-to-date.

Getting an idea of how much you can borrow is the first step to buying an investment property. It gives you a general idea of your target price range, so you can narrow your property search within your purchase budget.

Lenders will also consider the potential rental income you will get from the investment property when calculating how much you can borrow. For an indication of how much you can borrow, use our How Much Can I Borrow Calculator. To receive a free detailed assessment of your borrowing capacity talk to a Loan Market mortgage adviser today.

Calculate your loan and purchase costs

As a general rule, you will need about 5-10% deposit for an investment property purchase, however if you have existing property, you may be able to use your equity to cover more of the deposit. The criteria for deposits will differ between lenders. A Loan Market mortgage adviser will help you identify which lender will best suit your investment loan needs from a wide panel of secure banks and lenders – that’s step three but really working out your costs and loan options go together.

In addition to your deposit, you will need to consider the following costs:

Loan application fee

Valuation fees

Statutory government charges

Conveyancing and legal fees

Lenders Mortgage Insurance (LMI) if you are borrowing more than 80% of the property value.

Investigate your investment loan options

Property investment loans are available to suit just about any investment strategy. The common loan options for property investment include:

Line of Credit loans – invest in property sooner if you already own a property. Line of credit loans tap into the existing equity you have built up in your existing property to use towards a deposit for your investment property.

Interest only loans suit investors who are focused on achieving capital growth in the short to medium term, and often go hand in hand with negative gearing.

You’ll also need to consider your loan repayment options, some property investors choose to pay interest in advance. Different repayment options will suit different investment strategies.

Property investment loans are not too different from any other type of home loan; you will need to compare rates, features, fees and charges. To discuss the competitive investment loan options available speak to a Loan Market mortgage adviser today.

Get loan pre-approval

Your investment loan pre-approval will give you a head start on other buyers by having your loan application pre-approved, as well as ensuring you shop within your budget.

A formal pre-approval works the same as a formal loan application, except without the security details. With a pre-approval, your lender will assess your income, expenditure, assets and liabilities to determine how much you can borrow, as well as assessing the documentation normally required to get full loan approval.

Be wary of any pre-approval that has many conditions attached to it. Your mortgage adviser can help you to apply for a formal pre-approval

Find a suitable property

Whether you select a residential investment property, commercial investment property, or even a holiday rental investment property there is ample opportunity to invest. Consider the following when choosing your investment property:

Location: is the property in a location that will be well-tenanted or is likely to experience property price growth?

Demographics: is the property suitable for the type of tenants in the area, e.g. low-maintenance apartments for young professionals?

Infrastructure: is there appropriate infrastructure in place, such as transport, shops, cafes and schools?

Development: is there any development planned for the area that may improve existing infrastructure, leading to possible improvements in tenancy rates or price growth?

Our advisers are also knowledgeable in the property market so if you have any questions about the investment buying or selection process, we’re here to help with that too.

Before you enter into negotiations for any place, find out if it was rented in the past: how much it was rented for, if there were any vacancy periods, how long it was vacant for, and why.

Buying your investment property

Conduct relevant searches including building and pest inspections. If you’re buying your investment property at auction you will need to complete all inspections prior to auction day.

View the contract of sale to check conditions and inclusions. Again, if you are buying at auction it is important to have your solicitor go through the contract of sale prior to making a bid.

Make an offer or bid at auction to secure your investment property purchase. Remember, you’ll need to pay a deposit if you offer or bid is accepted so be prepared to cover at least five to ten per cent of the purchase price.

You should also check that the conditions of sale you expected are included in the contract; you may want to make the sale is subject to finance and satisfactory building and pest inspections (these conditions will not apply to a sale by auction).

Finalise your investment loan approval by contacting your mortgage adviser with the details of the property. If you have loan pre-approval, full loan approval may take only a few days. Once your loan has been approved, you will receive a formal Letter of Offer that will need to be signed and returned to your lender as soon as possible.

You are in a hurry and want to settle down in an area within Surrey from where you can go to your workplace within a few minutes. It is not always possible for you or any other person who remains busy working and taking care of families. Hence, they must act smart and take advantage of MLS listings in Surrey to find reputed real estate agents as well as get information about homes and condos for sale in Surrey. With this, you don’t have to hop around in finding a property dealer. You will get information about properties there. Now, you may think that it will be difficult to use the listings. But the reality is that the listings are done in such a professional way that you can obtain information about a realtor in your locality as well as the rate of property in your vicinity. For more information, you can also contact your local realtor. He can guide you in using the listings.

If you want to find a reliable real estate agent who can help you find the best homes and condos for sale in Surrey, search the Internet. There are other things as well to consider when looking for your dream home. Check whether the property you are about to buy has all the basic amenities to ensure complete luxury and contented living. Adequate parking areas, power back-ups, 24 hours electric supply and close proximity to shopping centers are some of the few things you must check while looking for a property. The location is also critical. You can’t live in a remote area from where you would take long hours to come to your office. Also check whether the home or condo you are about to purchase are well-kept and maintained to ensure 100% hygiene.